The BSE Sensex closed at 81,442, up by 443.79 points or 0.55%, following an intraday high of 81,911. Meanwhile, the Nifty50 also ended in the green, closing at 24,750.9, up by 130.7 points or 0.53%.
The markets opened on a muted note but quickly gained momentum, following news of an anticipated interest rate cut by the Reserve Bank of India (RBI). This rally was further boosted by the positive movement in pharma and realty stocks, along with a weakened US dollar and falling US Treasury Yields.
In terms of broader market movements, both the Nifty MidCap and Nifty SmallCap indices made notable gains, up by 0.58% and 0.98%, respectively, showing strong support across a wide range of stocks.
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Impact on the stock market
The rally was broad-based but especially strong in the Nifty Pharma and Nifty Realty indices. The Nifty Pharma index advanced by 1%, supported by a mix of good results and hopes for regulatory changes.
The Nifty Realty index rose by 2%, with realty stocks like Sobha Ltd and DLF leading the charge. The Nifty Healthcare index also posted a solid 1% gain. However, the Nifty PSU Bank sector stood out as the top loser of the day, dropping by 0.63%.
| Sector/Index | Performance |
| IT & BPM sector | 0.46% |
| Healthcare sector | 1.07% |
| Oil & Gas sector | 0.26% |
| Real estate sector | 1.75% |
| PSU Bank in India | -0.58% |
Top gainers today
| Company | Price (in ₹) | Change % |
| Eternal Share Price | 256.56 | 4.43 |
| Dr Reddys Labs Share Price | 1,290.60 | 3.09 |
| Trent Share Price | 5,673.00 | 3.02 |
| Power Grid Corp Share Price | 294.25 | 1.98 |
| ICICI Bank Share Price | 1,454.80 | 1.66 |
Top losers today
| Company | Price (in ₹) | Change % |
| IndusInd Bank Share Price | 803.20 | -1.37 |
| TATA Cons. Prod Share Price | 1,111.90 | -1.11 |
| Axis Bank Share Price | 1,159.00 | -1.02 |
| Bajaj Finserv Share Price | 1,944.00 | -0.62 |
| Bajaj Finance Share Price | 8,934.00 | -0.59 |
Market aftermath: Impact on stocks
Realty sector soars with expectations of RBI rate cut
The Nifty Realty sector emerged as one of the strongest performers, driven by rising expectations of an interest rate cut in the upcoming RBI policy meeting. The real estate sector’s optimism stems from the belief that lower borrowing costs will support both demand for residential housing and development investments.
Real estate stocks surged as Sobha Ltd jumped by 8.71%, reaching an intraday high of ₹1,648 per share. Other major gainers in this sector included Brigade Enterprises (+4.41%) and DLF (+2.77%). Investors are particularly excited about the expected 25 basis point repo rate cut, which would lower home loan EMIs, making housing more affordable and boosting buyer sentiment. A rate cut also reduces borrowing costs for developers, spurring investment in real estate projects.
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Eternal Ltd’s bullish sentiment continues
Shares of Eternal Ltd, the parent company of Zomato, saw a strong rise, with the stock increasing by 5.5% on June 5. This follows a 9% gain over the past two days. Analysts are particularly bullish on Eternal due to its strong position in the food delivery and quick commerce markets. Recently, Morgan Stanley raised its price target for Eternal to ₹320, citing the company’s leadership in these sectors and its strong balance sheet.
Eternal is well-positioned in quick commerce, which is expanding rapidly in India, with a potential market size of $57 billion by 2030. Morgan Stanley’s positive outlook on the company is based on its market leadership, operational efficiency, and improved margins. As of now, the stock is trading at ₹259 per share, with a 52-week high of ₹304.7.
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Angel one: A capital market sector rally
In the capital markets sector, Angel One emerged as a top performer, up by 4% after a positive monthly business update. The company reported a 34% year-on-year growth in its client base for May, which helped fuel investor interest in its stock. Angel One’s success, combined with the positive sentiment surrounding capital market stocks, lifted the Nifty Capital Market index by 2% during the session.
The company’s gross client acquisition grew by 1.7% sequentially, driving shares up to ₹3,237, a 3.46% increase. This was in line with broader optimism in the capital market sector, which saw gains in BSE Ltd, HDFC Asset Management, and CDSL.
Also read: Angel One stock analysis & expert insights in detail
Crude Oil market
Crude oil prices were on a downward trend due to increased inventories in the US. Brent crude oil futures fell by 0.26%, trading at $64.69, while WTI crude oil futures dropped by 0.43% to $62.58. This came after data showed a rise in US gasoline and distillate fuel inventories for the week ending May 30. This uptick in supply, combined with Saudi Arabia’s decision to reduce its crude prices for Asian buyers, added to the bearish sentiment in the crude oil market.
On the MCX, June crude futures were trading slightly lower at ₹5382, down by 0.07%. This decline is consistent with a broader trend in the oil market, where US inventory data and OPEC+ strategies are dictating price movements.
Conclusion
Today’s performance showed a solid rally, particularly in sectors like real estate, pharma, and quick commerce, with Eternal Ltd and Sobha Ltd standing out as key gainers. The anticipation of a repo rate cut from the RBI provided a significant tailwind to real estate stocks, while positive updates from Angel One fueled investor sentiment in the capital markets.
While the broader market performed well, the Nifty PSU Bank sector was an outlier, showing weakness in contrast to the broader bullish trend. Moreover, the commodity market, particularly crude oil, experienced some downward pressure, though it didn’t have a major impact on the broader equity markets today.
This market rally reflects investor optimism, but with sectoral dynamics at play, future moves will likely be driven by how the RBI’s decisions unfold and the health of the global oil market. Stay tuned for more market developments as the week progresses!
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